Tulsa has the 7th lowest rent of the 100 largest cities in US

[Jeff Filali]

From KTUL.com

According to a new study by apartmentlist.com, Tulsa has the seventh lowest rent of the 100 largest cities in the country.

Tulsa has a lot going for it. Add a low average cost of rent to the mix.

"That's a great designation to have," said Pete Galbraith, President of Coldwell Banker Select. "It's low cost of living, great quality of life. With the Gathering Place getting ready to come online, I think it's going to be a fantastic attribute for the city of Tulsa."

He says the low rent we're seeing here is a lure to young adults, fresh out of college, looking for an exciting, but affordable place to live.

"When you go to other markets, it's somewhat more expensive, like Kansas City or Dallas," Galbraith said. "My son just graduated from college and he was looking down in Dallas, and apartments there were 30 to 40 percent more expensive than they were here in Tulsa, Oklahoma."

For a one bedroom apartment in Tulsa, the average is $640 dollars per month.

You're looking at potentially paying hundreds of dollars more for several surrounding cities, but that's not to say every place in Tulsa is cheap.

Nate Nebergall pays a pretty penny for his home near Brookside.

"A lot of that is being in this neighborhood, and I know that causes some of that price," he said. "But I would say for the most part, it probably rings true that it's cheaper than the United States."

He's now looking to buy a place, still in town, but somewhere a bit cheaper, and that's exactly what the city wants people to do.

"I think as people come here to rent, and plant roots, meet somebody, get married, start a family, they'll eventually become homeowners," Galbraith said.

The more people brought in by low rent prices, the more potential homeowners, the more potential growth the city will see.

[Jeff Filali]

@Clay O. Both... There's always going to be renters here, and even at the lower rent rates compared to national average, our cost of purchase is also way lower.  I think it also provides great opportunity for investors who offer rent-to-own, or seller finance deals, especially if Trump is able to get rid of most of the Dodd Frank regulations.

The great thing about the Tulsa area is our housing prices are well below the national average.  When I talk to out of state investors, they just can't believe the prices we get homes for.  When I talk to them about deals we've picked up for under $50K, they assume they must be old dumps.  As you know, there's still a lot of areas around the metro where you can buy a great rental property and be all in for between $50K-80K.  Even in the best markets like BA, Owasso, Jenks, Bixby, etc there's pockets where under $100K buys a nice rental property.  Even if I lived out of state, I would be investing in Oklahoma, your money just goes so much further here.

One thing for sure, Tulsa is a growing market right now, there's a lot of jobs being created, that will continue to draw more and more potential renters, or buyers to the market.